Description :

Martin Frankel

Martin Frankel is an American fraudster who is the ringmaster of 1999's $200 million insurance scam in America. "ldquo;Frankel started his 1st scamming fund company during the year 1987, after being kicked out from a stock firm for his incompetency”. He used his investor's money for his sister, mother and his expenses rather than investing in stocks and returning the profits.

He was fined by the Securities Exchange of America in the year 1992 and was barred from stocks and funds while investigating his fraud. “He later changed his alias to David Rosse from James Spencer and opened his next firm while the Securities and Exchange Commission was still investigating Frankel in the year 1993”. This time, he used a Swiss bank account to hide from the SEC and attracted investors towards insurance and brokerage of stocks. In the year 1999, he was caught for his frauds. He was convicted for wire fraud, insurance fraud and passport fraud which lead to a loss of $200 million to the investors and he was sentenced to 17 years in prison claiming himself as a mentally ill person.